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HomeSales and MarketingMarketing StrategyHow Important is Data Collection When Devising Your Marketing Strategies?

How Important is Data Collection When Devising Your Marketing Strategies?

In the modern age of business, technology is helping entrepreneurs gather a vast amount of information about their customers. This is allowing them to develop a detailed understanding of their target demographics, and it can enable them to build marketing campaigns with laser focus.

If you aren’t doing market research and collecting as much data as you can, your business risks falling behind the competition. It’s time to start using the power of technology to your advantage in business.

Online Casinos Know Exactly What Their Players Want

One of the best places to see data collection at work, and the power it has, is the online casino industry. In this cutthroat sector, operators need to use every tool at their disposal to get an edge over the competition. The first interaction they have with players usually is the welcome bonus, so this needs to be refined to suit the type of player they want to attract. On the surface, welcome offers look similar, but when you delve into the details you notice that there are some key differences.

An example of a well-crafted welcome offer is the 20 free spins at MrQ, a leading UK online casino. The deal can be used with Fishin’ Frenzy: The Big Catch after players have placed their first deposit. It’s clear that the site used data collection to discover that the game from Reel Time Gaming is one of the most popular titles on the market. By zoning in on a crowd-pleasing slot like this and using it in promotional material, the site can give itself an advantage in hooking customers.

Market Research Can be Taken to Whole New Levels

You should already be conducting market research in your business as much as possible. Planning an advertising campaign without doing this is like walking through a minefield with a blindfold on and hoping for the best. This form of advertising is akin to throwing mud at a wall and hoping some of it sticks. Market research and data collection allow you to refine your marketing campaigns so perfectly that you’re like a sniper, shining the laser at your ideal clientele.

When you’ve activated a marketing campaign on social media, you can collect data on the type of people clicking on your links. As explored on Wordstream, this allows you to refine your copy, images, and parameters even more, so they are getting through to the right people. In turn, it reduces your cost per acquisition and makes your ad spending more effective.

As online casinos have illustrated, once people become customers you can continue to accumulate information about them. This could come in the form of their buying habits at an eCommerce site or their playing preferences at gaming sites. By knowing what your main demographic likes, you can position these things more prominently on your pages and use them in your marketing material as well.

As this article from Harvard Business School explains, owners need to leverage the power of technology and use data collection tools in the modern age. This form of gathering information and using it to refine various strategies is going to boom over the next decade, and your competition will most likely be doing it too.

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